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5 Reasons Women Need Life Insurance

Life insurance is a must-have, especially for anyone who has a family or dependents. But as more women become the breadwinners in their homes, having a life insurance policy is critical for this group. Here are five reasons you need a policy.

Because Life is Unpredictable

As a recent story in the “Huffington Post” highlights, planning ahead is critical for women to protect their family’s financial future. In the story, the author mentions a young woman who was suddenly widowed when her husband unexpectedly died in a car accident. The author herself went through the same experience, but she was prepared because she and her husband had previously enlisted the help of a trusted financial advisor, did an annual review of their life insurance coverage and made sure their policy met their current needs. Most of us never like to think about worst-case scenarios, but in life anything can happen. One recent survey indicates that only 57 percent of women know details about their spouse’s life insurance policy. This number should be much higher. Life insurance is the best way to safeguard your family’s future should something happen to you or your spouse.

Because It Protects Children & Dependents

If you’re a mother or have dependents, life insurance is a necessity. If you already have a policy, make sure all the beneficiary designations are updated and accurate. Also get a lawyer to draft your will and make sure you name an executor who will assume the responsibility of handling your affairs. If you have young children or legal dependents, you should name a legal guardian in your will. Carefully think about who this person should be and have a discussion with him or her before you assign that person the responsibility.

Because It Replaces Income

If a spouse dies, the financial hit to a family can be enormous. Life insurance coverage, which many experts recommend equal 10 times your annual salary, can serve as a replacement income and provide financial support to a family. It also helps to cover funeral expenses and future costs such as child care and college tuition.

Because It Gives You a Sense of Value

Whether you work or stay at home with your children, your contributions are valuable. In an intangible way, life insurance acknowledges the value women have in their home and the potential financial impact of their absence to their families.

Because It’s Often Cheaper for Women

Women are considered healthier than men, at least in the eyes of insurance companies. They have a longer life expectancy and are less likely than men statistically to develop certain conditions that can impact quality and length of life. Because life insurance premiums are based primarily on age and gender-related life expectancy, women often can get a policy for significantly less money than their husbands or male partners. The financial incentives, both in the short and long-term, are one of the most convincing reasons women should get a policy.

According to one recent study, only 56 percent of women have life insurance. However, life insurance should be non-negotiable for anyone who wants to secure the financial future of their loved ones. If you don’t currently have a policy, do your research to find out what different insurers offer, their monthly cost and coverage. If you need a professional to guide you, the qualified team here at ICCF is available to help. Contact us today at (407) 740-5337 or info@myiccf.com.

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